On February 29, Daimler Truck, Mitsubishi Fuso Truck and Bus (MFTBC), Hino Motors and Toyota gave an update on the progress on the collaboration based on the MoU on merging MFTBC and Hino, that was concluded in May 2023.
The parties explained that while the Definitive Agreement for merging MFTBC and Hino was targeted to be signed by the end of March 2024 and integration complete by the end of 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino's engine certification issues, are still ongoing. As such, the original schedule has been extended.
According to the MoU, MFTBC and Hino plan to merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. The plan is to build a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merged MFTBC and Hino. The parties confirm that the merger discussions are progressing on a positive note.
Based on Press release from MFTBC, Hino, Daimler Truck and Toyota